Author: Haotian

The market is currently underestimating the CLARITY Act, just as it once underestimated the GENIUS Act. Fortunately, one year after the legislation, the GENIUS Act has delivered results. We can predict what changes will come once the CLARITY Act is passed.

--Actual changes one year after the GENIUS Act.

The GENIUS Act pulled stablecoins from the gray area into a formal regulatory framework, directly spurring two major changes:

First, the issuing entities shifted from a "dual oligopoly" to a diverse ecosystem. Tether launched a compliant USAT to address the shortfall in the US, while Circle, Paxos, Ripple, BitGo, and others obtained OCC federal charters; SoFi and Revolut introduced white-label stablecoins, and more than 140 entities, including Visa, Mastercard, and Stripe, jointly launched the Open USD alliance. Projects related to the Trump family, USD1, also rapidly scaled to billions of dollars.

Second, the scale and trading volume increased significantly. The total market cap of stablecoins rose from approximately $211 billion at the beginning of 2025 to a new high of $322 billion by June 2026. USDT and USDC continued to expand their shares, while emerging stablecoins like USDS, USD1, USDe, USDG, PYUSD, and RLUSD also quickly scaled up. The overall annual trading volume has reached trillions of dollars, with the proportion of real payments, cross-border settlements, and RWA use cases continuously increasing.

These are quantifiable and observable changes, proving that clear regulations can quickly translate into market growth and institutional adoption.

--One year after the passage of the CLARITY Act, the crypto industry may look like this.

The CLARITY Act is a broader framework for digital asset market structure than the GENIUS Act, with a core focus on clarifying the classification of digital goods and securities, the regulatory division between CFTC and SEC, as well as protecting exchanges and DeFi. It complements GENIUS: one regulates stablecoin issuance, the other sets the rules for the entire market.

If passed in 2026, the following changes are expected one year later:

1) The scale of stablecoins will continue to accelerate. Building upon the GENIUS framework, overall market certainty will further stimulate institutional adoption. The total market cap of stablecoins is expected to rise from the current $320 billion to an even higher level in 2027, potentially exceeding $1 trillion in an optimistic scenario. New issuing entities will continuously emerge, the proportion of real-world asset settlement and on-chain payments will increase, and trading volumes will reach new highs.

2) Mainstream assets like BTC, ETH, and SOL will obtain legal commodity status.

The CLARITY Act clarifies these assets as digital goods and allows banks to regard related activities as "financial in nature." Banks can hold BTC, ETH, SOL directly on their balance sheets rather than just through ETFs indirectly. Mechanisms like ETH staking can also be legalized more smoothly, leading to large-scale institutional capital influx.

3) Perp DEX and RWA/DeFi will see new growth.

Perp DEXs like Hyperliquid and Lighter will gain regulatory certainty, and innovative products like RWA perpetual contracts will accelerate development. At the same time, the barriers to RWA on-chain will lower, driving DeFi into a second wave of growth, deeply integrating traditional finance with on-chain ecosystems, bringing new liquidity and use cases.

In short, the performance of the GENIUS Act one year later has already proven: once the CLARITY Act is passed, its impact will be broader than many can imagine. And right now, the market is underestimating the magic of the CLARITY Act, but this gives us the opportunity window to position for the future, doesn't it?

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